Democrats failed to take housing threat to heart

LEONI TOWNSHIP — President Obama continues to blame former president George Bush for all the problems he inherited. Bush is not to blame for the problems that ultimately led to 10 percent-plus unemployment.

Unemployment and financial failures came about because of the housing bubble meltdown. In April 2001, Bush warned Congress of potential problems with Fannie Mae and Freddie Mac, urging an investigation. In 2003, Bush reiterated the warning about the risk those bodies presented.

Bush treasury secretary John Snow told Congress we needed a regulatory agency to investigate the lending agencies. In 2005, Alan Greenspan warned that something had to be done. In 2006, John McCain also urged Congress to investigate.

This problem was well known by congress, yet Sens. Charles Schumer and Chris Dodd, rep. Barney Frank and other Democrats in Congress said there was no problem.

Removing the standard requirements for housing loans all started with Bill Clinton and the Democrats. If Congress had heeded the early warnings, we wouldn't be in a recession today. If Obama wants to blame someone, he should blame his own party.